Treasury Secretary Janet Yellen on Friday notified Congress that the U.S. will reach its statutory debt limit next Thursday.
After that, the Treasury Department this month will begin “taking certain extraordinary measures to prevent the United States from defaulting on its obligations,” Yellen wrote in a letter to new House Speaker Kevin McCarthy, R-Calif.
The Treasury “is not currently able” to estimate how long those emergency actions will allow the U.S. to pay for government obligations, she wrote.
But, “It is unlikely that cash and extraordinary measures will be exhausted before early June,” Yellen added.
She warned McCarthy that it is “critical that Congress act in a timely manner to increase or suspend the debt limit.”
“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” Yellen wrote.
“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”
We all know they HAVE TO Raise the Limit over & over & over No choice
Funny that the Democrats had NO Debt Limit !!!!!!!
And they STILL have NO Limit They are Democrats !!!!!! Above the Law > Remember ???
Democrats are the ones who Ran up the Debt !!!! Remember that !!!!!!!
Tell China the Debt is PAID IN FULL > SOLVED then we have Plenty of Credit !!!!!!!!
China Murdered over 1 Million Americans with COVID-19 so the Hell with them > Paying them ANYTHING !!!!!!!!
The MAGA team messing with this are a bunch of jerks. I can certainly understand wanting to cut spending and trying to pass legislation to do that for the future, but raising the debt ceiling is needed to pay for what we’ve already spent! You gotta pay your bills.
ONLY Republicans have to Pay their bills !!!!!!!!!
when the commies took over china they reneged on the debt owed to amerika, turn about is fair play!
make all the politicians and lawyers pay it!
Yellen is a Fired Leftover who screwed up things years ago who should NOT be in office ANYMORE or Now !!!
Their STEPS Better NOT be fkkking with OUR Money $$$$$$ Social Security / Pensions / Etc
Should be ILLEGAL !!!!!! They will have RIOTS everywhere & Jan 06 Armed this time / Revolution !!!!!